First time homebuyers often worry how they’re going to afford a down payment. In some instances, a down payment on a home can be as high as 20% of the price of the home, a number that’s not realistically payable by some first time buyers. You’re just getting started out in life. Spending a lot of money on a down payment can put you in financial hardship and may include too many everyday sacrifices to be practical. In countries like Australia, an even in parts of the US and Canada, no deposit home buying options still exist thanks to the work of a guarantor. You can stop worrying about deposit rates with these options. If you’ve been struggling to afford a down payment and have since given up home ownership, learn why a no deposit home is your best option.
No Deposit Payment
Melbourne no deposit homes leave you with room to breathe, eat, and enjoy your life, all while living in your new home. You don’t have to take a second job or rush out to borrow outlandish amounts of money to afford the down payment. You simply accept the simple platform that no deposit home companies set up. They allow you to become a homeowner without paying a large down payment.
No Hidden Fees
Real estate fees are often outlandish and unknowable. You have to pay them, but sometimes they don’t seem very fair. No deposit options have absolutely no fees at all, leaving you with more money to spend on what counts: your new home.
Ditch The Rent
If you’re still looking to buy a home, it’s likely that you’re still renting an apartment or home right now, and that’s a money pit that few people enjoy being stuck in. When you go with a no deposit home buying arrangement, you suddenly find yourself working toward something that matters: ownership. Instead of throwing money to a landlord, you’re making yourself an owner and reaping the rewards. At the same time, you can avoid taking out a first time homebuyer loan.
Low Interest Rates
Many people worry that if they take a low or no deposit option that they’ll end up paying outrageous interest rates compared to the new low record rates of 0.75%. In reality, rates fluctuate between 3.6 and 4.5%, well within the range of what you might get if you bought a home and paid a large down payment (in some cases, even lower). The low interest rate should be enough to entice most folks to take the no deposit route, but as if that’s not enough, there are even more benefits.
Custom House Design
A no deposit option is often offered by companies that offer customized homes especially built for you and your situation. You create that house. You make it your own. These companies are able to give you great interest rates and a home built to your specifications, as you want it to be, not as it was for someone else. That’s a major perk to those who want a custom home. Use the capital you saved to hire an expert interior design business. That way, you can truly customize your new home.
House And Land Packages
When you go with a no deposit option, you often get both house and land sold together in a package, and that’s another perk of this arrangement. You’re able to move in and be a homeowner of a home and have exactly as much land as you want. It can be a home built for you or a home that’s already there on the right amount of land that you want.
Nix The Home Inspections
When buying a home normally, you might find the home inspection fees are through the roof and really raise your bottom line prices. When you get a no deposit option, you’re going to get a home that’s ready to go, already inspected, and there’s no worries.
As you can see, if you choose a no deposit option, you get low interest rates, don’t have to worry about home inspections, and can say goodbye to paying rent endlessly forever. You’ll be a first time home buyer with an excellent deal! And remember, if you do have a down payment, you’ll be able to afford custom additions to your home. It’s the perfect price – $0 – with no hidden fees and a lot of customization options.